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Agenda Item No. 7(B) June 10, 2015 To THE EL CERRITO CITY COUNCIL c/o City Offices, 10890 San Pablo Avenue, El Cerrito, CA. 94530 Re: City Manager’s Updates to FY 2015-16 Budget Honorable Members of the City Council – The Financial Advisory Board is established by El Cerrito Municipal Code # 2.04.300 A. Its duties include: To conduct a review and make recommendations on the proposed annual budget . . . to include a review of city council compensation consistent with county-wide recommendations included in Contra Costa Grand Jury Report No. 1104.” The Board completed the duties prescribed above at its regular meeting on June 9, 2015 attended by all five of the Board’s members and by the City Finance Director. By motion made, seconded and adopted unanimously, the Board recommends adoption of the City Manager’s updates to the FY 2015-16 budget with the following changes: • Identify $100,000 of savings among the list of proposed budget changes presented to the FAB on 6/9 and allocate those savings of $100,000 to the general fund reserve • Any unanticipated revenues in the General Fund over and above the Adopted FY 2015- 16 budget realized by 12/31/15 not be committed until FAB reviews and makes recommendations for the mid-year update. Please contact the undersigned if you have any questions regarding this matter. On behalf of the members of FAB; Peter Vranich, Chairman